Firms not passing on ITC in prepacked Dairy may face profiteering charges

Companies not passing on the benefit of Input Tax Credit (ITC) on pre-packaged dairy and agro items may face profiteering charges. Experts say prices of such products need not go up by a flat 5 per cent because of ITC. One of the responses in an FAQ (Frequently Asked Questions) issued by the Central Board […]

Impact on recent increase on GST on dairy industry by 47th GST council

The GST Council at its meeting held on July 1, 2022 have removed the exemptions on GST on repackaged, relabeled and packaged butter milk, curd, lassi and paneer. The decision states that the above products will be charged GST @ 5%. GST Council have also raised the GST on dairy machinery and milking machines from […]